OXiGENE Reports Second Quarter 2010 Financial Results
SOUTH SAN FRANCISCO, Calif., Aug. 12, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc., (Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, reported financial results for the quarter and six months ended June 30, 2010, and presented an update on recent clinical and corporate progress.
The Company reported consolidated net income for the three month period ended June 30, 2010 of $2.5 million compared to a consolidated net loss of $8.0 million for the same three month period of 2009. The difference in results for the comparable three month periods was due to an increase in the non-cash gain resulting from a change in fair value of warrants and other financial instruments of $7.3 million and a reduction in total costs and expenses of $3.2 million from $8.2 million in the 2009 period to $5.0 million in the 2010 period. Due to the nature of the Company's warrants and other financial instruments, the instruments are recorded as liabilities on the Company's Consolidated Balance Sheets. These instruments are adjusted to their fair market value at each reporting period and the difference is recorded as a non-cash gain or loss in the Company's Consolidated Statements of Operations. The reduction in operating costs and expenses for the comparable three month period is primarily attributable to reductions in a number of clinical program and support costs associated with the restructuring plan implemented in the first quarter of 2010. The operating costs for the 2009 period include costs and expenses of Symphony ViDA, Inc. In July 2009, the Company acquired the equity of Symphony ViDA, Inc. and the entity was merged directly into OXiGENE.The Company reported a consolidated net loss for the six month period ended June 30, 2010 of $8.5 million compared to a consolidated net loss of $14.5 million for the same six month period of 2009. The difference in results for the comparable six month periods was due to a reduction in total costs and expenses of $3.4 million from $14.8 million in the 2009 period to $11.4 million in the 2010 period and an increase in the non-cash gain resulting from a change in fair value of warrants and other financial instruments of $2.7 million. The reduction in operating costs and expenses for the comparable six month period is primarily attributable reductions in a number of clinical program and support costs associated with the restructuring plan implemented in the first quarter of 2010, with the major impact of this restructuring plan taking effect in the Company's second quarter of 2010. Operating expenses for the six months of 2010 were also impacted by a $0.5 million one-time restructuring charge.
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